Key facts
- Moove raised $250 million in a Series C funding round.
- The company achieved a valuation of $2.1 billion.
- Mubadala Investment Company led the funding round, with Woven Capital and Ion Pacific as co-leads.
- Moove plans to use the capital to expand its autonomous vehicle fleet management operations.
- The company intends to hire around 350 new employees.
- Moove is developing automated depots known as 'Nests' for vehicle maintenance and servicing.
Moove, a company that began in Nigeria and is now headquartered in Dubai, has successfully raised $250 million in a Series C funding round, achieving a valuation of $2.1 billion. The investment was led by Mubadala Investment Company, with Woven Capital and Ion Pacific serving as co-leads. Other notable investors include BlackRock, MUFG, Franklin Templeton, and Uber.
The substantial funding is earmarked for scaling Moove's autonomous vehicle fleet management business. This expansion includes hiring approximately 350 new employees and developing automated depots, which the company calls 'Nests,' designed for 24/7 operation with robotic charging, maintenance, and servicing capabilities.
Moove's strategic pivot towards autonomous vehicles is informed by its extensive experience in managing large fleets of human-driven vehicles and providing vehicle financing across 14 countries. The company currently operates a fleet of 42,000 ride-hailing vehicles. Co-founder and co-CEO Ladi Delano explained that Moove aims to "own the metal" in the autonomous vehicle ecosystem, addressing the operational needs that other players in the industry, such as AV developers, manufacturers, and marketplaces, are not focused on.
The company has already established a partnership with Waymo, operating as the fleet operator for Waymo's robotaxis in Phoenix, Miami, and Las Vegas, with plans for future operations in London. While Moove does not yet own the Waymo vehicles, it intends to do so using debt financing. Moove also confirmed it already owns robotaxi vehicles from another undisclosed AV developer and envisions owning hundreds of thousands of such vehicles in the future.